First Coast condo prices melting down

[Tacachale]

Younger generations absolutely do not want this type of lifestyle.

You would think that's true.  However I know several people who have proven otherwise.  I scratch my head.

The continued draw of Southside and similar areas in other cities proves that this statement is too broad to be totally accurate. But I think it's fair to say that a desire for urban-style living is more common among the current young crop than it is in other age groups (including when those older folks were young themselves).

It's also clear that the post-war suburbs will decline like the the nation's inner cities did in the 50s and 60s. Just look at Arlington to see it already happening in Jax. The thing is there are plenty of cities that have revitalized their inner cities, and I think we're making positive steps there. But no one in the country really knows what to do with decaying suburbs, and unfortunately Jacksonville, and all of Florida, has a ton of those.

[avs]

^+1 that is absolutely true.  In general, home sales in the urban core haven't slowed down.  Prices have come down, but we are still seeing plenty of buyers.  Lots of first time home buyers and families with children who want to live in urban settings and not in the suburbs.  This is the trend for the future.  Continuing to build totally new instead of infill and redevelop just isn't a sustainable model of growin cities for many many reasons and people shopping for homes are agreeing with this.

[peestandingup]

Younger generations absolutely do not want this type of lifestyle.

You would think that's true.  However I know several people who have proven otherwise.  I scratch my head.

The continued draw of Southside and similar areas in other cities proves that this statement is too broad to be totally accurate. But I think it's fair to say that a desire for urban-style living is more common among the current young crop than it is in other age groups (including when those older folks were young themselves).

It's also clear that the post-war suburbs will decline like the the nation's inner cities did in the 50s and 60s. Just look at Arlington to see it already happening in Jax. The thing is there are plenty of cities that have revitalized their inner cities, and I think we're making positive steps there. But no one in the country really knows what to do with decaying suburbs, and unfortunately Jacksonville, and all of Florida, has a ton of those.

All great points that I agree with. And it was a pretty broad description, but I think it holds true for the most part. But I also don't think Jax is a good model city for determining this shifting trend. It is to some degree, but the core numbers (specifically downtown) have remained pretty flat. I don't think its because a lot of people here (especially younger gens) don't want that type of lifestyle, but because living down there really doesn't have many benefits & isn't worth the price (something Lake touched on in another thread on why he didn't live down there).

The point is, Jacksonville really isn't giving anyone a reason to move downtown & the city has to do better if they want folks down there. People simply won't move there if there isn't many incentives to & if you don't get many "big city benefits" (walkable & connected throughout with a solid focus on pedestrians, good public transit, bike lanes throughout, good groceries, markets, shopping, drug stores, etc so one could sustain themselves there nearly full time, etc etc) Its getting better, but its not there. And with many businesses, offices, etc relocating to southside's "downtown" (yuck!), that's probably why some younger folks are choosing it over downtown.

[duvaldude08]

I acutally would like to move downtown, however it is too expensive for the most part. If I can find something in MY price range, I would definately move downtown.

[fsujax]

There are some great deals in Springfield! it's not Downtown per se but close enough.

[duvaldude08]

There are some great deals in Springfield! it's not Downtown per se but close enough.

I wish I knew exactly where. But honestly, I have not put alot of effort into it either. My lease renewal in my apartment is coming soon. I just may renew a 6 month and search for a apartment/condo in the core.

[avs]

duvaldude08, Springfield and Riverside both have some great deals right now.  If a condo/loft interests you, the Lofts at 1951 Market are a good place to start because the mortgage would be similar to the rent paid, so they are a good way to get in.  If you prefer a house, there are tons of great deals right now too.  Several great renovated homes in SPR and Riverside can be purchased for close to what you would pay in rent.

If you want someone to help you figure out what you are comfortable affording and what that would translate to in a price, just pm me and let me know.  I am a Realtor and I specialize in the urban core, which is way more than just downtown

[duvaldude08]

duvaldude08, Springfield and Riverside both have some great deals right now.  If a condo/loft interests you, the Lofts at 1951 Market are a good place to start because the mortgage would be similar to the rent paid, so they are a good way to get in.  If you prefer a house, there are tons of great deals right now too.  Several great renovated homes in SPR and Riverside can be purchased for close to what you would pay in rent.

If you want someone to help you figure out what you are comfortable affording and what that would translate to in a price, just pm me and let me know.  I am a Realtor and I specialize in the urban core, which is way more than just downtown

Great! Im sending you a message now.

[Garden guy]

What i think is aweful that if someone wanted to they could walk into an office and get whatever building permit for as many condo's he or she wanted to build and put them just about anywhere they wanted to put them....no thought...no prudence...just build build build...and now look what we've got...it's a shame when there are some nice houses out there selling for $10k........it's nuts.

[peestandingup]

What i think is aweful that if someone wanted to they could walk into an office and get whatever building permit for as many condo's he or she wanted to build and put them just about anywhere they wanted to put them....no thought...no prudence...just build build build...and now look what we've got...it's a shame when there are some nice houses out there selling for $10k........it's nuts.

Thats basically what's happened here for decades. No sort of plan or vision whatsoever, no boundaries, just build wherever & outward as much as you want. Its really screwed things up a lot here & isn't gonna be something that's easily fixed.

[finehoe]

Thats basically what's happened here for decades. No sort of plan or vision whatsoever, no boundaries, just build wherever & outward as much as you want. Its really screwed things up a lot here & isn't gonna be something that's easily fixed.

The small gears link up to the big ones. The engine of destruction starts with home mortgages linked to financial derivatives matching up to credit default swaps: leveraging small errors into a blizzard of money raining billions in compensation. It all depended on speed of execution.

The evidence in Florida piles up. It manifests through the carnage of housing markets, especially where low-cost, production housing turned wetlands into petri dishes for the particular culture of suburban sprawl. In South Florida, the last fumes of the housing boom consumed vast acreage in former Everglades wetlands. Its results permanently etched the landscape as lifeless ghost suburbs where foreclosure rates have soared. They were pushed through local zoning and permitting processes as "what the market wants". In fact, they were what the financial markets could sell to gullible and greedy investors, seeking better return with risks comparable to government bonds.

The insatiable demand for financial derivatives tied to mortgages was met by willing suppliers: builders and developers, lobbyists, traffic engineers and planners. Everyone needed to execute quickly, carelessly and rampantly. At public hearings in Florida, at the base rung of the step ladder of approvals for planned developments, dissenters during the run-up of the housing boom were relentlessly opposed 99 percent of the time.

Today Florida has the one of the highest foreclosure rates in the nation. And still in local and stage legislative arenas, demagoguery persists that land use and environmental regulations, such as those that protect wetlands, are barriers to job creation. It is the mantra of Republicans mainly: knock down regulations as fast as possible so the scrapers, the bulldozers, and stick frame and particle board can fly off the shelves the way they did in 2004.